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@article{Chemla:2017:10.2139/ssrn.2796435,
author = {Chemla, G and Tinn, K},
doi = {10.2139/ssrn.2796435},
journal = {SSRN Electronic Journal},
title = {Learning Through Crowdfunding},
url = {http://dx.doi.org/10.2139/ssrn.2796435},
year = {2017}
}

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TY  - JOUR
AB  - We develop a model where reward-based crowdfunding enables firms to obtain a reliable proof of concept early in their production cycle. The information gathered from a subsample of backers through a fixed length pre-selling campaign enables firms to update their beliefs about the preferences of all future consumers. This creates a valuable real option as firms invest only if updated demand is high. Further, such updating mitigates moral hazard: the higher the funds raised, the lower the firms' incentives to divert them. Our results are consistent with stylized facts and provide new testable implications.
AU  - Chemla,G
AU  - Tinn,K
DO  - 10.2139/ssrn.2796435
PY  - 2017///
TI  - Learning Through Crowdfunding
T2  - SSRN Electronic Journal
UR  - http://dx.doi.org/10.2139/ssrn.2796435
UR  - http://hdl.handle.net/10044/1/52106
ER  -

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